I noticed an interesting point in the Bitcoin market. Small investors are actively accumulating, as seen from the data — wallets with less than 0.1 BTC have reached the highest share of the total supply since mid-last year. And the price is holding around 74-75 thousand. It seems like a good sign, but there’s a catch.

Large holders — those with from 10 to 10,000 bitcoins — are doing the opposite. Since October, they’ve been reducing their positions. This creates a split: retail investors are buying, whales are selling. They manage to do this almost unnoticed, but the effect is there — the price moves sluggishly and uncertainly.

Metrics show that medium-sized wallets ( from 10 to 100 BTC ) have indeed been actively buying on dips, especially during the panic in February. But the biggest holders continue to sell on every upward bounce. It turns out retail investors are creating demand, but large players are able to suppress it.

Here’s the crux: small investors are doing their job — providing support and demand. But without whales also starting to buy, there won’t be any serious rally. Every price increase risks being sold off precisely by the group that should be supporting it. They’ve been doing this for several months now.

By the way, on major exchanges, Bitcoin funding rates have remained negative for 46 days, even though open interest is growing. This indicates bearish sentiment despite external activity. In short, small players are able to show interest, but they can’t turn it into a sustainable trend. We’re waiting for the big money to join in.